Principal Financial Group Inc. Has $419.24 Million Stock Holdings in The PNC Financial Services Group, Inc. (NYSE:PNC)

Principal Financial Group Inc. cut its position in shares of The PNC Financial Services Group, Inc. (NYSE:PNC) by 4.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,173,924 shares of the financial services provider’s stock after selling 101,548 shares during the period. Principal Financial Group Inc. owned 0.55% of The PNC Financial Services Group worth $419,241,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the company. Financiere des Professionnels Fonds d investissement inc. acquired a new position in shares of The PNC Financial Services Group during the 4th quarter worth about $1,612,000. JFS Wealth Advisors LLC grew its stake in The PNC Financial Services Group by 0.7% in the 4th quarter. JFS Wealth Advisors LLC now owns 10,411 shares of the financial services provider’s stock valued at $2,008,000 after buying an additional 70 shares during the last quarter. Valmark Advisers Inc. grew its stake in The PNC Financial Services Group by 1.4% in the 4th quarter. Valmark Advisers Inc. now owns 4,010 shares of the financial services provider’s stock valued at $773,000 after buying an additional 56 shares during the last quarter. L.M. Kohn & Company grew its stake in The PNC Financial Services Group by 3.7% in the 4th quarter. L.M. Kohn & Company now owns 5,009 shares of the financial services provider’s stock valued at $966,000 after buying an additional 181 shares during the last quarter. Finally, Strategic Financial Concepts LLC acquired a new position in The PNC Financial Services Group in the 4th quarter valued at about $12,244,000. 83.53% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO William S. Demchak sold 1,242 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $202.11, for a total transaction of $251,020.62. Following the completion of the transaction, the chief executive officer now owns 522,587 shares of the company’s stock, valued at approximately $105,620,058.57. This trade represents a 0.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 13,662 shares of company stock valued at $2,730,549. Insiders own 0.42% of the company’s stock.

The PNC Financial Services Group Price Performance

Shares of NYSE:PNC opened at $193.91 on Monday. The company has a market cap of $76.94 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 1.64 and a beta of 1.16. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.81 and a quick ratio of 0.81. The firm has a 50 day simple moving average of $197.11 and a 200 day simple moving average of $191.09. The PNC Financial Services Group, Inc. has a one year low of $139.69 and a one year high of $216.26.

The PNC Financial Services Group (NYSE:PNC) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.51. The firm had revenue of $5.57 billion during the quarter, compared to the consensus estimate of $5.51 billion. The PNC Financial Services Group had a net margin of 17.10% and a return on equity of 11.12%. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. During the same quarter last year, the firm earned $3.16 earnings per share. Research analysts predict that The PNC Financial Services Group, Inc. will post 15.3 earnings per share for the current fiscal year.

The PNC Financial Services Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 5th. Stockholders of record on Wednesday, January 15th were paid a dividend of $1.60 per share. This represents a $6.40 annualized dividend and a dividend yield of 3.30%. The ex-dividend date was Wednesday, January 15th. The PNC Financial Services Group’s payout ratio is currently 46.55%.

Wall Street Analysts Forecast Growth

PNC has been the topic of a number of research reports. Wells Fargo & Company upped their price target on shares of The PNC Financial Services Group from $215.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Barclays upped their price target on shares of The PNC Financial Services Group from $229.00 to $257.00 and gave the company an “overweight” rating in a research note on Monday, January 6th. The Goldman Sachs Group increased their target price on shares of The PNC Financial Services Group from $190.00 to $210.00 and gave the stock a “neutral” rating in a research report on Friday, December 6th. Stephens restated an “equal weight” rating and set a $200.00 target price on shares of The PNC Financial Services Group in a research report on Friday, January 17th. Finally, Piper Sandler increased their target price on shares of The PNC Financial Services Group from $200.00 to $220.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 3rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $205.00.

The PNC Financial Services Group Company Profile

The PNC Financial Services Group, Inc operates as a diversified financial services company in the United States. It operates through three segments: Retail Banking, Corporate & Institutional Banking, and Asset Management Group segments. The company's Retail Banking segment offers checking, savings, and money market accounts, as well as time deposit; residential mortgages, home equity loans and lines of credit, auto loans, credit cards, education loans, and personal and small business loans and lines of credit; and brokerage, insurance, and investment and cash management services.